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Equity Group spins off fintech business

Zachary Ochuodho @zachuodho

Finserve Africa – a subsidiary of Equity Group Holding Plc – will henceforth operate as an autonomous commercial enterprise providing financial solutions to businesses.

Speaking during the launch of two financial technology (fintech) products – Jenga Payment Gateway and Jenga APIs – Equity Group Chief Executive Officer, Dr James Mwangi said Finserve is credited with revolutionising banking and other financial services through digitisation.

He said Finserve Africa was the force behind innovation of Equitel – which is Equity Group’s Mobile Virtual Network Operator (MVNO).

Mwangi said fintech will play a critical role in deepening financial inclusion and democratising financial service provision. “Finserve will now be an independent commercial fintech that will provide technology solutions,” he said. He said due to Finserve, 97 per cent of all Equity Group transactions are now outside the branch.

In the spirit of shared prosperity and having seen the revolutionary impact that fintech capabilities have brought to the bank we have taken a deliberate strategy to make Finserve an independent commercial subsidiary that will focus its efforts in delivering solutions to propel the Africa economy,” Mwangi said.

He said that the group itself has now become one of the Finserve’s clients for technology solutions. Speaking during the launch in Nairobi, Finserve Managing Director Jack Ngare said the newly-launched two fintech products are the magic bullet that would solve the problem businesses face of having to spend a lot of time aggregating their payment platform. He said the products are expected to make financial services delivery better, cost-effective, safer and more to traders, companies, businesses including the banking sector.

Ngare said Finserve has proved its mettle by innovating and delivering technology solutions for the Equity Group and will now serve all businesses that seek financial solutions.

He said Finserve has been tried and tested through the innovations and digitisation that have been delivered for the group in the past, adding: “We stand on the shoulder of the leading financial service provider in the region”.

Jenga Payment Gateway, Ngare said, is a breakthrough innovation created to support businesses in processing payments in East Africa space that has seen card, mobile wallet and fintech players proliferate daily.

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